Nationwide revealed this week that September recorded the fastest annual house price growth in two years, with house prices in the UK rising by 2.5% in comparison to Q2.
With this in mind, the property CGI experts at Modunite wanted to uncover, where is the cheapest place to buy a new build property in England?
By scraping Land Registry data, Modunite have identified the local authorities offering the cheapest new-build homes in England.
Key findings:
Hyndburn offers the cheapest new-build homes, with the average home selling for £136,636
New-build homes in the North East remain the cheapest, selling for an average of £256,826.33
Stoke-on-Trent is the cheapest place to buy a new-build home outside of the North of England, at an average of £222,495
Hammersmith and Fulham have seen the largest drop in new-build home prices Y-o-Y (-11.9%), however they are still almost double the price of the countries average (£733,023)
The results
Local Authority | Region | % change Y-o-Y | New-build cost March 2024 |
Hyndburn | North West | +14.1 | £ 136,636.00 |
Burnley | North West | +5.1 | £ 158,664.00 |
Stockton-on-Tees | North East | +5.5 | £ 190,477.00 |
Hartlepool | North East | +2.1 | £ 195,893.00 |
Blackpool | North West | +13.5 | £ 203,778.00 |
County Durham | North East | +13.3 | £ 208,229.00 |
Pendle | North West | +9 | £ 211,708.00 |
Barnsley | Yorkshire and The Humber | +9 | £ 214,353.00 |
Stoke-on-Trent | West Midlands | +14.9 | £ 222,495.00 |
Wirral | North West | +14.8 | £ 223,921.00 |
Hyndburn has the cheapest new-build homes in England
Modunite can reveal that Hyndburn currently has the cheapest new-build homes in England, with the average home selling for £136,636 according to land registry data. This is almost three times less than the country’s average of £407,662.14. Despite being the cheapest in England, new-build homes in Hyndburn have seen a 14.1% increase Y-o-Y.
Burnley ranks second, with the average price of a new-build standing at £158,664 according to land registry data, 2.5 times less than the country’s average. Despite new-build homes increasing by 5.1% Y-o-Y, this percentage increase is the lowest increase among all new-build homes in the North West region.
Stockton-on-Tees has the third cheapest new-build homes, standing at an average of £190,477, two times less than the country’s average. Despite being the third-cheapest local authority, the average price for a new-build home in Hyndburn has in fact increased by 3.7% Y-o-Y.
New build homes in the North East remain the cheapest
When comparing by region, purchasing a new-build home in the North East remains as the cheapest option, with the average price standing at £256,826.33 – 1.6 times less than the country’s average of £407,662.14
Yorkshire and the Humber is the second cheapest region, where the price for a new-build home stands at £287,760.31, according to land registry data.
London remains the most expensive region, with the average price of a new-build home costing over half a million pounds (£593,162.91).
Stoke-on-Trent is the cheapest place to buy a new-build outside of the North
If you’re looking to purchase a new-build outside of the North, Stoke-on-Trent is currently offering the cheapest homes. The average price of a new-build in Stoke-on-Trent stands at £222,495, almost half the price of England’s average of £407,662.14